Trust Settlement Benefits With Your Life Settlement

Our Process for Life Settlements

 

Your path to a life settlement payout with Settlement Benefits Association can take as little as a month. In other cases, it may take upwards of five months. If you need money now, make sure you start the process as soon as possible. With no costs or obligations, there’s no reason to delay.

While there are many factors involved with getting things in order, the basic process includes these steps:

  • Informal discussions: If you’re interested in a life settlement, contact us. We’ll have a few informal discussions to determine whether the process is a good fit for your needs.
  • Review and formal evaluation: Next, we’ll appraise your policy value and take a look at personal information like medical records. Through our review, we can devise a thorough plan to maximize your policy’s value. Once we have a plan, we will present your case to interested parties. 
  • Contract order and delivery: After we find the right partner, we’ll order a detailed contract from them. We’ll collect any outstanding items and have all parties sign your life settlement agreement. The beneficiary of your policy will change to the buyer, completing the transaction.

Once all parties are satisfied, we’ll deliver your cash settlement from escrow. Depending on the state you live in, you’ll have up to 15 days to change your mind and return the money for your original policy.

Should You Get a Life Settlement?

There are many situations in which getting a life settlement makes the most financial sense. We’ve seen people come to the decision for all sorts of reasons over the years we’ve been licensed life settlement brokers. Our goal is to give you the individualized attention you deserve so you can make the most out of your policy. Below are five of the most common reasons we advise people to get life settlement services.

If you can no longer afford to make payments on your policy, it will lapse after a certain time. When that happens, your insurance company can cancel your policy, keeping most of the funds you’ve contributed over the years without needing to pay out. With certain life insurance policies, you can receive what’s called a cash surrender value upon a lapse or cancellation.

Cash value is part of what you pay through your premiums. It’s the portion of your policy that builds interest over time. When you prematurely end your life insurance policy, your cash surrender value is equal to this amount minus any fees and surrender charges your insurer requires.

While your cash surrender value can provide a boost to your funds, cashing out through a life settlement company can give you a payout that’s 7.8 times higher than that value on average. In some cases, there is no cash surrender value for a lapsed policy. Trading in for a life settlement can be especially beneficial in these cases.

When your family or loved one faces hard times, cashing in your policy can offer relief. The money you get from your life settlement can pay for hospital bills, necessary treatments and medications, and even funeral expenses.

Saving for retirement is essential for those later years in life when you aren’t working. However, the amount you’ll need is unpredictable. The older you get, the more likely you are to need a supplemental income to maintain the lifestyle you’re used to. 

Your insurance policy can be the payout that keeps you comfortable throughout the rest of your life. Settlement Benefits Association will work with you to determine the best way to cash in your insurance policy. We can also work with your tax professional to figure out what will or won’t be taxed.

Sometimes circumstances change and you simply don’t need to pay for life insurance anymore. You may no longer need your policy if you:

  • Come into new wealth and assets.
  • No longer have any dependents.
  • Have dependents that are financially healthy.
  • Have another financial plan for end-of-life needs, like investments or bonds.

Many companies offer group life insurance policies to their employees. However, if you leave or change jobs, you may no longer qualify for this benefit. While it’s best to talk to your human resources department for the specifics of your policy, you’ll generally have three options:

  • Cancel or let your policy lapse: You can leave your life insurance policy behind with the rest of your job and start fresh, though this is your least beneficial choice financially.
  • Convert your policy: You may be able to roll your policy into the one at your next job or convert it to an individual policy. While an individual policy often has higher premium costs, it’s the best way to retain the entirety of your policy.
  • Take a payout or life settlement: If you don’t want to transfer your policy or pay more for it, taking out a life settlement is a viable way to move forward.